Civmec's Record Order Book Gets a De-Risking Eneabba Contract Win

A record $1.5 billion order book and a major rare earths refinery contract have Civmec's FY27 earnings looking well secured, with defence work on the horizon.

30 Jun 2026 · 2 min read

Civmec, a founder-led mining, construction and engineering services company in Western Australia, delivered a record $1.5 billion order book and a 36.4 percent quarterly rally, securing a major structural, mechanical and piping contract at Iluka Resources' Eneabba rare earths refinery that materially de-risked FY27 earnings, with fund managers pointing to the company's strategic Henderson precinct as a future defence project opportunity.

A record order book across resources and infrastructure

Wilson Asset Management described Civmec as a founder-led mining, construction and engineering services company based in Western Australia, announcing during the month that its order book had reached a record $1.5 billion, with growth supported by a series of new contract awards, panel agreement extensions and new orders across its resources, infrastructure, energy and maintenance activities, including a further package of work with Iluka Resources at the Eneabba Rare Earths Refinery and a major construction project elsewhere.

During the month, the company announced its order book had reached a record $1.5 billion. Growth was supported by a series of new contract awards, panel agreement extensions and new orders across its resources, infrastructure, energy and maintenance activities.

— Wilson Asset Management, Monthly Report, June 2026

Strong results and a de-risking contract win drive a rally

Perpetual Asset Management said Civmec continued its recent rally, posting a very strong quarterly gain of 36.4 percent, after announcing third-quarter FY26 results on 15 May showing EBITDA up 44.4 percent year on year and EPS up 67.7 percent, sending the stock 6.47 percent higher on the day, before trading higher again in June on the announcement it had secured the Structural, Mechanical and Piping package at Iluka's Eneabba rare earths refinery project, estimated to be valued at more than $300 million, an award the fund said materially de-risks FY27 earnings.

CVL announced 3Q26 results on May 15, reporting EBITDA YoY growth of 44.4% and EPS YoY growth of 67.7%. The stock traded higher again in June on the announcement that it had secured the Structural, Mechanical and Piping (SMP) package at Iluka's Eneabba rare earths refinery project, which we estimate is valued at $300m+. This award materially derisks FY27 earnings.

— Perpetual Asset Management, Monthly Report, June 2026

A strategic precinct positioned for future defence work

Wilson Asset Management said Civmec is benefiting from a positive outlook for infrastructure spending in the resources sector, with several large projects, including Iluka Resources' Eneabba project and Perth Park, expected to support its 2027 and 2028 financial year results, believing longer term that Civmec's strategic Henderson precinct positions the company well to win major defence-related projects.

What fund managers say they are watching next is continued conversion of the $1.5 billion order book into contracted revenue, delivery on the Eneabba SMP package supporting FY27 earnings, progress on the Perth Park and other large infrastructure projects, and whether the Henderson precinct positions Civmec to win major defence-related contracts over the longer term.